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After struggling near the 20-day EMA for two days, the bulls pushed the price to the 50-day SMA on July 26 but the long wick on the day’s candlestick suggests that bulls aggressively sold at higher levels.
Binance Coin broke above the downtrend line on July 24 but the bulls are struggling to push and sustain the price above the overhead resistance at £236. This suggests that bears have not ceded and are selling on rallies.
The bulls aggressively purchased the dip to the strong support at £1,216.19 on July 21. Strong buying propelled the price above the downtrend line of the descending triangle pattern on July 26 but the long wick on the day’s candlestick shows selling by the bears at higher levels.
We had mentioned in our previous analysis that the bulls may not surrender the £21,000 to £20,000 support zone easily and that is what happened. Bitcoin soared